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Life Insurance

Life Insurance - in the event the insured dies the policy pays out a tax free amount to the beneficiary. There are three types:

  1. Term Insurance - Insurance coverage for a stated term. This a great way to cover temporary insurance needs

    Get instant quote from top twenty Canadian insurers.

  2. Whole Life - provides permanent coverage with a guaranteed death benefit and level premiums. Plan gains value over time and is subject to investment gains and loses

    Apply online for quote now.

  3. Universal Life - provides permanent insurance with an optional tax sheltered investment component. Death Benefit can be level or increasing making this an excellent option for estate preservation and maximization

    Apply online for quote now.

If you need more information on the above policies, check out our insurance tips:

  1. General Life Insurance Tips
    General life insurance tips including a crucial article on making sure your family gets paid by the insurance company.

  2. Non Medical Life Insurance

  3. Whole Life Insurance Tips
    Adventages and disadvantages of Whole Life Insurance. Check out what Lorne S. Marr has to say about this kind of insurance policy.

  4. Term Life Insurance Tips
    Tips about term life insurance tips, including how to avoid getting ripped off when buying term insurance.

  5. Universal Life Insurance Tips
    How to turn the flexibility in Universal Life policies to your advantage.

  6. Group Insurance Tips
    Advantages of group insurance, including employee retention and lower premiums. Does Group Insurance make sense for your company?

  7. Critical Illness and Disability Insurance Tips
    Canadians are more likely to experience critical illness than to die before age 75. Learn about how critical illness can provide true income security at minimal cost if handled properly.

  8. Life Insurance Medical Tips
    The medical exam is the most important variable which you control when buying life insurance. We cover all the bases: what kind of life insurance to buy if you are in shape and what kind of coverage to seek if you're not.

  9. Mortgage Insurance Tips
    Mortage insurance versus life insurance: why mortgage insurance is almost always a much worse deal - a deal which could put hundreds of thousands of dollars of your family's wealth at risk.

  10. Investment Tips
    Tax saving and investment tips. How you can buy your insurance almost tax free in many cases.

23 Responses to “Life Insurance”

  1. I have been divorced and would like to cancel my policy. I would like someone to contact my ex-wife on her policy. If you have any questions, you can contact me by phone also at 812-486-9141

    Richard W. Flynn Jr. thought on August 8th, 2008 6:48 am

  2. Hi Richard,

    Thanks for the note. You would have to contact your broker of record or your insurance company to process this request.

    I have attached a link to our website which provides the contact details for the different life insurance comapnies in Canada. http://lsminsurance.ca/canadian-life-insurance-companies

    I hope this helps. Regards … Lorne

    lorne thought on August 8th, 2008 8:32 am

  3. I would like to have a copy of my policy #1A00172590 by email or mail.

    thank you,
    Nabil Najem
    7 Rue D’alencon
    Gatineau (Quebec)
    J8T 4N5

    Nabil Najem thought on August 31st, 2008 3:10 am

  4. Hi Nabil,

    Thanks for the note. To get a copy of your policy you would have to contact your broker of record or your insurance company to process this request.

    I have attached a link to our website which provides the contact details for the different life insurance comapnies in Canada. http://lsminsurance.ca/canadian-life-insurance-companies

    All the best! Lorne

    lorne thought on August 31st, 2008 9:54 am

  5. Hi, I saw in TV a advertisement about AIG’s Insurance they take a person without any questions or health questions and for 20 years or more maybe for life mean permanent, $ 25000 for $ 25 Dollar per month is that true??? and how can i get the agreement, or the more information, and if there is a office in Ottawa?????? thank you with advance.

    Bechara Yammine thought on September 9th, 2008 5:55 pm

  6. Hi Bechara,

    The link for the plan you are looking for is here
    http://www.aigassurance.ca/glp.asp?Ad_Id=WGOAGKWSB00E

    There are several other insurance carriers which offer non medical life insurance plans with potential more coverage and or a lower cost - including Unity Life, Industrial Life, Assumption Life and Wawanessa Life.

    I have attached a link to an article you may find interesting on non medical life insurance

    http://lsminsurance.ca/tips/general/guaranteed-issue-life-insurance

    lorne thought on September 9th, 2008 6:41 pm

  7. I need answers to questions on insurance I purchased several years ago and been paying auto deduct from bank. Please contact me

    ALEJANDRO G. MARTINEZ & TONI C. MARTINEZ thought on September 30th, 2008 8:45 pm

  8. Hi Alejandro,

    Thanks for the note. You would have to contact your broker of record or your insurance company to answer any specific questions on the policy. I can try and answer any general questions you have.

    I have attached a link to our website which provides the contact details for the different life insurance comapnies in Canada. http://lsminsurance.ca/canadian-life-insurance-companies

    I hope this helps. Regards … Lorne

    lorne thought on September 30th, 2008 10:20 pm

  9. hi

    i just moved due to the storm (gustuave). i am in a financial bind. i can’t afford to pay my insurance and my daughter’s. my husband is not working now due to him having to move me up to a new location. when it came time for him to go back to work (offshore) they put someone else on the crew. he hasn’t worked in 3 weeks. i don’t have the money to keep up the ins. and it is automatically deducted out of my account. do you have any suggesstions? can i use my daughter’s ins. for collateral ?

    thanks
    naomie

    naomie lyons thought on October 9th, 2008 9:21 pm

  10. Hi Naomie,

    I am sorry to hear about the unfortunate news. I hope things turn around for you and your family. If your life insurance policy has a cash value you can use it to offset your premiums for a period of time via a policy loan. You would have to verify this with your broker or the insurance company directly.

    I have attached a link to our website which provides the contact details for the different life insurance companies in Canada. http://lsminsurance.ca/canadian-life-insurance-companies

    I hope this helps. Regards …

    lorne thought on October 10th, 2008 7:59 am

  11. hi , i am wondering if i am able to purchase a life insurance policy for my mother, insuring a proper burial and all that really expensive stuff that goes with the funeral homes.
    is it possible to insure from a third person as myself on my mother “god forbid” death.
    she is near 68 and a smoker with the possiblity of parkinsons recently discovered.
    thank you
    scotty

    scott thought on February 8th, 2009 3:23 pm

  12. Hi Scott,

    Thanks for the note.

    Yes you can be the owner on a life insurance policy for your mother. We have quite a bit of experience in insuring people with Parkinsons I would be happy to help out.

    Lorne

    lorne thought on February 8th, 2009 6:51 pm

  13. Hi Lorne,

    I have an Empire Life Insurance - ULI trilogy with my husband for 1,000,000.00. We pay monthly premiums of $320.00. Do you think this is an good policy as the premiums seems high.

    However, we do not have to take anymore medical test once the policy is set-up.

    We also looking to set-up an ULI policy with cash surrender value at age 18 for our new born for education purposes, so she has funds avaliable for university…is this the best option? What policy and insurer would you reccommend?

    Thank-you in advance
    Angie

    Angie thought on February 13th, 2009 1:00 am

  14. Hi Angie,

    I’m happy to work out a comparison quote for you and your husband but it is hard to say without seeing the policy. I can have a local broker contact you to review your policy.

    Regarding a UL policy to cover educational expenses an RESP would be your best bet for this. These plans receive a 20% government grant. Assuming you have already maximized your contribution for the grant ($2000 per year per child) you could look at overfunding (i.e putting in more than the minimum premium) a Universal Life policy. Empire Life has a good policy as does Manulife and Transamerica. Once again we are happy to help out with a quote.

    Thanks … Lorne

    lorne thought on February 13th, 2009 9:22 am

  15. Hi Lorne,

    I am 28 male currently working and living in Banff, Alberta with my common-law partner. I am totally new to the life insurance and I wonder if you can explain to me:

    1) How does the life insurance benefit me,
    2) I am familiar with the RRSP investment. Is the life insurance investment withdrawable?
    3) If so, when and under what kind of circumstance I will be able to withdraw from the life insurance?

    Thank you,

    Isaac

    Isaac thought on February 24th, 2009 11:40 am

  16. Can you tell me when Westbury Canadian Life was bought by RBC or has it always been under the RBC umbrella. Is Copoloff Insurance Agency or Canadian General Life also under the RBC umbrella. Thank you.

    Linda King thought on April 21st, 2009 6:30 pm

  17. Hi Linda,

    Thanks for the note. I know Westbury was bought by RBC Insurance. I’m not sure about Canadian General Life. Regards … Lorne

    lorne thought on April 21st, 2009 6:48 pm

  18. Hi Lorne,

    just wondering about the process of cancelling the life insurance policy I currently have. Actually, it expires today, and I just received notice of that because of the fact that I moved and they just found me. What happens to my investment if I cancel with the policyholder? Thank you for any help you can give me!

    Andrew Kiriaka thought on April 22nd, 2009 6:08 pm

  19. Hi Andrew,

    Thanks for the note. You would have to contact your broker of record or the insurance company directly to cancel your policy. Some policies do have surrender charges against the cash surrender values if you cancel the plans in the early years.

    Please feel free to contact me directly if you have further questions 1.866,248.4849

    lorne thought on April 22nd, 2009 7:28 pm

  20. Hi, I have life ins. with transamerica on the statement indicated ” Your Advantage Life Plus ”
    I’m wondering what catergory this policy will be
    Term Life Insurance, whole Life Insurance or Universal Life insurance?

    Danny

    Danny thought on November 18th, 2009 11:01 pm

  21. Hi Danny,

    Thanks for the note. I believe this is a Universal Life plan but I would check with your broker or Transamerica to be sure. You can also request an inforce policy illustration for more details on the plan.

    lorne thought on November 19th, 2009 7:49 am

  22. I have a Term 100 (with Values) - 20 year payable I purchased in march of 1999. There are Cash Value and Cash Loans. The Cash loan states once it has been inforce for 10 complete years. Now I am trying to figure out my Cash Loan. Its states…You can obtain a loan from us whenever the policy has a loan value. Now in the table of Cash Value, it states Policy year, and starts Year 11. I guess my question is… Am I in the 11th year, and this is how it goes. Also do you no how repayments work on this? The policy is from Westbury Life

    billie thought on November 23rd, 2009 8:24 pm

  23. Hi Billie,

    Thanks for the note. I would recommend you contact RBC Insurance - they purchased Westbury Life a number of years ago http://lsminsurance.ca/canadian-life-insurance-companies/rbc-life-insurance

    Policies often have different provisions - generally speaking you would pay interest on the amount you borrow and any loans plus accrued interest would be minused from your death benefit.

    lorne thought on November 24th, 2009 9:13 am

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